Wednesday, October 18, 2023 – President William Ruto has bagged investment deals worth Ksh 688.7 billion with Chinese companies during his official trip to the economic powerhouse.
Speaking while addressing the Kenya- China investors roundtable in China yesterday, Ruto said the government has struck deals that will see some Chinese companies pump funds into ongoing projects while others will initiate new projects.
According to the Head of State, 11 Chinese companies are set to invest Ksh 24.2 billion ($161.7 million) in the Konza Medical City, which he pointed out falls in line with the government’s Universal Health Coverage plan.
Ruto further revealed that a Chinese company known as Zhende Medical Co will be investing Ksh Ksh 18.7 billion ($125 million) in Tatu City.
According to Ruto’s statement, another 4 Chinese companies intend to invest Ksh646.3 billion ($4.32 billion) in various economic sectors in Kenya.
Ruto is currently in China on an official visit where he is attending the third Belt and Road Forum for International Cooperation. The forum, being held in Beijing, is slated to run for two days.
On Monday, President Ruto witnessed the signing of a Memorandum of Understanding (MoU) between the Ministry of Energy of Kenya and Petroleum and Energy of China that is expected to help Kenya modernize its power generation.
The deal is also expected to optimize the flexibility and reliability of Kenya’s electrical power systems through planning, designing, transforming, and modernizing transmission and distribution lines as well as substations.
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